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India and the UAE are set to sign an agreement for promotion and protection of bilateral investments.
Bilateral Investment Protection Agreement (BIPA), to be signed next week in New Delhi, will provide a comprehensive framework to investors from both the countries, the outgoing Ambassador of India to the UAE M K Lokesh said on Sunday.
"A delegation from the UAE, headed by the Foreign Minister, will visit New Delhi next week to sign the agreement," Lokesh was quoted as saying by the Gulf News.
"India and UAE have historic ties. The relationship is important for both the countries. Both sides have worked hard to get this agreement ready that will regain investor confidence," he said at a farewell lunch organised by the Indian Business and Professional Council (IBPC), Dubai.
The UAE has investment interests in India mainly through Emaar and Etisalat while India has varied investment in the UAE, surpassing 200 billion dirhams, figures released by IBPC said.
Bilateral trade between the two sides goes back to centuries, with India now among the UAE's biggest trading partners.
"The landmark agreement will be a fitting farewell gift to the ambassador, whose 43-month tenure has seen trade between the two countries almost double from 161.5 billion dirhams three years ago to 275.25 billion dirhams. This is a golden era of India-UAE relationship and Ambassador Lokesh has played a key role in improving the relationship further," Paras Shahdadpuri, IBPC president said.
